Core Viewpoint - Tianbang Food's restructuring process has been delayed again, extending the pre-restructuring period to May 9, 2026, marking the third delay in this process [1][2]. Group 1: Restructuring Process - Tianbang Food initiated its pre-restructuring on August 9, 2024, and has since received multiple extensions from the Ningbo Intermediate People's Court [2]. - The company has been proactive in applying for restructuring due to its inability to repay debts, with a debt-to-asset ratio of 87% as of Q3 2023, which has since improved to 70% with total liabilities reduced from 162 billion to 94.78 billion [2][4]. - The restructuring investors are increasing, with agreements signed with various financial and industrial investors throughout 2025 [4][5]. Group 2: Financial Performance - In the first three quarters of 2025, Tianbang Food reported revenue of 6.719 billion, a year-on-year decrease of 5.98%, and a net profit of 260 million, down 80.65% [6]. - The company experienced a net loss of 92.485 million in Q3 2025, indicating ongoing financial struggles [6]. - In October 2025, the company sold 686,000 pigs, with a sales revenue of 607 million, but the average selling price dropped by 13.98% [7]. Group 3: Operational Challenges - The company faces high breeding costs, with the complete cost of raising pigs at 13.24 yuan/kg, which is higher than competitors like Muyuan Foods and Wens Foodstuffs [7]. - The utilization rate of production capacity is only around 50%, leading to high fixed costs [7][10]. - The overall industry is experiencing downward pressure on pig prices, with significant losses reported in October 2025 [8]. Group 4: Management Changes and Regulatory Issues - The resignation of Vice President Yan Xiaoming, who was responsible for the pork processing business, adds to the uncertainties within the management team [1][9]. - Tianbang Food has faced regulatory scrutiny for information disclosure violations, resulting in warnings issued to its chairman and board secretary [11][12].

Investment Rating - The report suggests a neutral investment rating for the agricultural sector, indicating that the expected changes in the industry will be relatively stable compared to the broader market [68]. Core Insights - The agricultural sector index has shown a slight increase of 0.79% over the past week, but it has underperformed compared to the Shanghai Composite Index [13][14]. - The report highlights the ongoing challenges in the pig farming industry, with prices continuing to decline and the entire sector currently facing losses [3][21]. - In the poultry farming sector, while white feather chicken prices remain under pressure, yellow feather chicken prices have shown resilience due to improved downstream demand [4][30]. - The beef and dairy sectors are expected to see price increases as the consumption season approaches, despite ongoing losses in these industries [5][36]. - The planting industry is experiencing short-term supply and demand pressures, but there is potential for improvement if there are significant reductions in grain production [6][42]. - The feed and aquaculture sectors are stabilizing, with feed prices remaining steady and certain aquatic product prices showing upward trends [55][58]. Summary by Sections 1. Swine Farming - The average price of commodity pigs is currently 11.91 yuan/kg, down 4.64% week-on-week, with a significant loss in farming profits [21][22]. - The report anticipates a continued increase in pig output in the coming months, with limited seasonal accumulation space for prices to drop further [3][22]. - Long-term prospects for the swine industry remain positive, with recommendations to focus on low-cost, high-quality enterprises such as Muyuan Foods and Wens Foodstuffs [3][22]. 2. Poultry Farming - The average price for white feather chickens is stable at 7.09 yuan/kg, while yellow feather chicken prices are expected to improve due to better demand [4][30]. - The overall profitability in poultry farming is under pressure, but there is potential for recovery if consumer demand strengthens [4][30]. 3. Livestock - Live cattle prices in Shandong are at 26.87 yuan/kg, with expectations for steady increases as the consumption season approaches [5][36]. - The dairy sector is experiencing a decrease in stock trends, but prices are expected to stabilize in the coming year as supply gradually decreases [5][36]. 4. Planting Industry - Domestic corn prices are at 2152.86 yuan/ton, with fluctuations expected due to new crop listings and external uncertainties [6][42]. - The report emphasizes the importance of improving grain yields and the potential for the planting sector to recover if significant reductions in production occur [6][42]. 5. Feed and Aquaculture - Feed prices for fattening pigs are stable at 3.33 yuan/kg, while aquatic product prices are showing positive trends, particularly for shrimp and certain fish species [55][58]. - The report indicates a general stabilization in feed prices, which is beneficial for the overall profitability of the aquaculture sector [55][58].

期货交易咨询业务资格：证监许可【2011】1285号 华联期货生猪周报 二育减量明显 猪价僵持 20251109 蒋琴 交易咨询号：Z0014038 从业资格号：F3027808 0769-22110802 审核：萧勇辉，从业资格号：F03091536,交易咨询号：Z0019917 1 周度观点及策略 2 期现市场 3 产能 4 供给端 5 需求端 6 成本及利润 u 展望：政策面虽持续释放积极信号，但实际产能去化不及预期，市场情绪转弱。本轮期现货共振下跌的行情并非单一因素主导，而 是产能长期过剩、政策调控落地滞后与消费疲软的三重压力叠加所致，目前行业正面临短期价格承压与长期产能出清的关键博弈期。 当前生猪产能依旧过剩，下游需求端疲软，二育短期的入场行为对猪价仅能起到"缓冲作用" ，无法扭转全国生猪市场供增需弱的 格局，养殖端整体进入全面亏损状态，市场情绪偏弱，短期生猪现货行情或延续弱势震荡，期货盘面震荡下跌修复基差。中期来看， 年底天气转冷后，终端对大体重猪的需求会有所增加，同时，南方地区腌腊、灌肠等传统消费需求逐步启动，或对行情形成阶段性 提振。但近年来传统意义上的生猪消费旺季均未能兑现，今年旺季不旺或已 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the rebound in pig prices may be nearing its end, with supply pressure leading to a potential bottoming out of prices. As of November 9, 2025, the average price of live pigs in China is 11.90 yuan/kg, down 0.30 yuan/kg week-on-week and down 4.80 yuan/kg year-on-year [3][12] - The report highlights that the entry of second-stage breeding is nearing its end, with high existing stock levels leading to price pressure ahead of the New Year. The proportion of second-stage breeding in actual sales was 2.12% from October 20-31, 2025, up 0.03 percentage points month-on-month and 0.20 percentage points year-on-year [4][19] - The report suggests that the ongoing losses in pig farming may accelerate the culling of sows, driven by multiple factors including policy adjustments and disease outbreaks. Recommended stocks include Muyuan Foods, Wens Foodstuff Group, and others [5][27] Summary by Sections Weekly Observation - The report notes that the average weight of pigs being sold has increased to 128.30 kg per head, with a week-on-week increase of 0.40 kg and a year-on-year increase of 2.23 kg. The price difference between fat pigs and standard pigs has narrowed, indicating an increase in fat pig supply [3][12] - The report also mentions that the breeding stock of sows has decreased by 0.77% month-on-month as of October 2025, with the price of 7 kg piglets rebounding to 198 yuan/head due to rising pig prices [4][24] Weekly Market Performance - From November 3 to November 7, 2025, the agricultural sector underperformed the broader market by 0.29 percentage points, with the Shanghai Composite Index rising by 1.08% and the agricultural index rising by 0.79% [5][30] - The report highlights that the fishery sector led the gains among sub-sectors, with stocks like Jinxinnong, Yuegui, and Luoniushan showing significant increases [5][30] Price Tracking - As of November 7, 2025, the average price of live pigs is 11.91 yuan/kg, down 0.58 yuan/kg from the previous week, while the price of piglets is 18.93 yuan/kg, up 0.80 yuan/kg [5][38] - The report also tracks the prices of other agricultural products, noting increases in beef, shrimp, corn futures, and soybean meal futures [5][39][48] Key News - The report mentions that the National Bureau of Statistics reported a 10.1% month-on-month increase in the price of live pigs in late October 2025 [5][36] - It also notes that the Ministry of Agriculture and Rural Affairs has released guidelines for the construction of a smart agriculture standard system [5][37] Feed Production - According to the China Feed Industry Association, the total industrial feed production in September 2025 was 30.36 million tons, reflecting a month-on-month increase of 3.4% [5][57] Import Data - In September 2025, pork imports totaled 80,000 tons, down 22.5% year-on-year, while chicken imports were 7,100 tons, down 75.2% year-on-year [5][54][55]

Group 1: CPI and Core CPI Trends - In October, the national CPI shifted from a year-on-year decrease of 0.3% in September to an increase of 0.2% [1] - The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, marking the highest increase since March 2024 and the sixth consecutive month of growth [1] - Food prices decreased by 2.9%, with the decline narrowing by 1.5 percentage points compared to the previous month, impacting the CPI by approximately 0.54 percentage points [1] Group 2: Pork Price Dynamics - The price of pork has seen significant year-on-year declines, with decreases of 8.5%, 9.5%, 16.1%, 17.0%, and 16% from June to October [1] - The National Development and Reform Commission reported that pig farming is currently facing a loss of 192.70 yuan per head due to low pork prices [2] - Despite efforts to control production capacity, the actual reduction in breeding sows has been limited, with a total of 40.35 million breeding sows reported as of the end of September, which is 103.5% of the normal holding level [2] Group 3: PPI Trends - The PPI decreased by 2.1% year-on-year in October, continuing a trend of negative growth for 37 consecutive months, although the decline has narrowed by 0.2 percentage points compared to the previous month [2] - The PPI experienced a month-on-month increase of 0.1% in October, marking the first increase of the year, attributed to improved supply-demand relationships in certain industries and the transmission of international commodity prices [2][3] - Key industries are seeing a reduction in price declines due to ongoing capacity governance and safety regulation efforts, with notable improvements in coal mining and manufacturing sectors [3]

Core Points - The company reported significant sales growth in October 2025, with a total of 45,946 pigs sold, generating revenue of 55.03 million yuan, reflecting a month-on-month increase of 60.17% in sales volume and 68.01% in revenue, but a year-on-year decrease of 10.51% in revenue [2][5] - Cumulatively, from January to October 2025, the company sold 321,900 pigs, a year-on-year increase of 25.05%, while total revenue for the same period was 450.20 million yuan, showing a year-on-year decline of 5.35% [2] - As of the end of October 2025, the company's pig inventory stood at 171,200, representing a year-on-year increase of 1.27% but a month-on-month decrease of 4.79% [3] Business Operations - The company’s subsidiary, Yichang Tianyu, and Yidu Tianqian applied for a credit limit of 6 million yuan from suppliers for operational needs, with a guarantee provided by Tianqian Food Co., Ltd. [9] - The company has approved a total guarantee limit of up to 1.27 billion yuan for subsidiaries with an asset-liability ratio below 70% and up to 3.57 billion yuan for those above 70% [10] - As of the announcement date, the total amount of external guarantees provided by the company and its subsidiaries reached 1.096 billion yuan, accounting for 211.45% of the latest audited net assets [12]

Core Points - The company reported significant growth in pig sales for October 2025, with a total of 40,900 pigs sold, representing a month-on-month increase of 8.09% and a year-on-year increase of 77.27% [1] - The sales revenue for October 2025 reached 36.04 million yuan, showing a month-on-month increase of 7.83% and a year-on-year increase of 71.53% [1] - Cumulatively, from January to October 2025, the company sold 457,500 pigs, an increase of 48.61% compared to the same period last year, with total sales revenue of 467.39 million yuan, up 28.21% year-on-year [1] Sales Performance - In October 2025, the company’s subsidiary, Aksu Xingjiang Muge Food Co., Ltd., achieved a pig sales volume of 40,900 heads [1] - The sales revenue for the same month was 36.04 million yuan, indicating strong performance in the market [1] - The growth in sales volume and revenue is attributed to the release of production capacity [1] Year-to-Date Performance - For the period from January to October 2025, the company reported cumulative sales of 457,500 pigs [1] - The total sales revenue for this period was 467.39 million yuan, reflecting a positive trend in the company's financial performance [1]

Group 1 - The company disclosed its sales performance for the pig farming business in October 2025, indicating a focus on this specific segment [1] - The sales data for the pig farming business from January to October 2025 was also summarized, providing a broader view of the company's performance over the year [1] - The sales information is based on internal statistics and is not audited, which may lead to discrepancies with regular report disclosures [1] Group 2 - The announcement emphasizes that the disclosed sales figures only pertain to the pig sales and do not include other business segments or products [1] - The company acknowledges the systemic risks in the pig farming industry, such as significant price fluctuations and animal diseases, which can substantially impact operational performance [1]

Group 1: Sales Performance - In October 2025, the company sold 907,800 pigs, including 520,900 piglets and 387,000 market pigs, representing a month-on-month increase of 14.82% and a year-on-year increase of 67.01% [1][2] - The sales revenue for October 2025 was 683 million yuan, showing a slight month-on-month decrease of 0.1% and a year-on-year decrease of 7.54% [1][2] - For the period from January to October 2025, the company sold a total of 6.64 million pigs, which is a year-on-year increase of 119.84%, with cumulative sales revenue reaching 6.82 billion yuan, up 78.08% year-on-year [2][5] Group 2: Price Trends - The average selling price of market pigs (excluding piglets) in October 2025 was 11.28 yuan per kilogram, which is a decrease of 11.53% compared to the previous month [2] Group 3: Business Recovery - The significant year-on-year increase in pig sales in October 2025 is attributed to the gradual recovery of the company's business operations [4][5] Group 4: Guarantee Situation - As of October 31, 2025, the total guarantee amount provided by the company and its subsidiaries was approximately 4.01 billion yuan, accounting for 21.12% of the audited total assets for 2024 and 35.13% of the audited net assets for 2024 [14] - The balance of guarantees for wholly-owned and controlled subsidiaries was approximately 239.21 million yuan, representing 2.09% of the latest audited net assets [15] - The external guarantee balance was approximately 143.31 million yuan, accounting for 1.25% of the latest audited net assets [15] Group 5: Risk Management - As of October 31, 2025, there were no overdue guarantees for the company's wholly-owned and controlled subsidiaries, while the overdue amount for external guarantees was approximately 11.57 million yuan, which is 0.10% of the latest audited net assets [15]

证券代码：603363 证券简称：傲农生物 公告编号：2025-103 福建傲农生物科技集团股份有限公司2025年10月养殖业务主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 公司积极推动生猪养殖产能优化工作，合理调整养殖布局、规模与品种结构，后续将继续坚持"稳字当 头、持续降本"的策略，集中资源发展优势产能，务实经营发展目标，切实推进降本工作。 单位：万头 ■■ 二、其他说明 福建傲农生物科技集团股份有限公司（以下简称"公司"）现将2025年10月养殖业务主要经营数据披露如 下： 一、2025年10月养殖业务主要经营数据 单位：万头 ■ 2025年10月，公司生猪销售量19.02万头，同比增加73.31%，较2025年9月增加15.66%。 2025年10月末，公司生猪存栏65.04万头，同比增加34.12%，较2025年9月末增加2.40%，较2024年12月 末增加26.79%。 本次披露的2025年10月养殖经营数据来自公司内部统计，未经审计，仅供投资者及时了解本公司养殖业 务生产经营概况，未对公司未 ...